Collecting antique coins may sound exciting, and it really is, but it is also fraught with dangers. Having spoken to the coin curator at New York’s Sadigh Gallery I have learned more than I could possibly have imagined with regards to the perils of coin collecting if you get it wrong. Quite simply put the biggest risk is that you lose your investment, which may actually put you off coin collecting in the future. In order to avoid those risks it is important to understand what they are, and these are some of the potential issues which you may come across.
Fake Coins
Sadly the business of producing fake pieces of art is pretty big, and coins are some of the easiest to recreate. The problem is that there are many hobbyist collectors out there, who perhaps are not au fait with all of the tiny details regarding these ancient coins. If this is the case then it can be easier to hoodwink them than the experts. It is always best that you have a clear view of what you are looking for and seek expert appraisals if you are in any doubt.
Wrong Years
We have seen a few issues of coins which differ by a single round of production, and the price difference between those two is gargantuan because of one reason or another. There is much that goes into the valuation of coins such as events of the time, and this is why they can vary from one production cycle to the next. If for example you spend big on a 1776 coin from the 2nd production rather than the first, you may be greatly overspending. These are the kind of details which you have to know about in order to avoid any potential risks.
Appraisal Scam
When you do have a coin appraised before you buy it, always ensure that you find your own expert. Sadly we have seen one or two cases of independently owned antique sores having their own appraisers, who are in fact linked to the business. They will come out and look at the coin for you, then offering you their ‘expert’ opinion they’ll tell you that it is a genuine coin. These ‘experts’ are not going to tell you any different as they are on the side of the store trying to sell you a sub-standard or wholly fake coin.
How You Can Avoid Risks
To avoid these kinds of problems the key is to know absolutely everything about the coin which you are looking for. If the coin is low-cost and you think you may have found a great bargain, this could be worth the risk. If however you are going to be spending a substantial amount, it is important that you know all of the details of the coin, and that you have your own independent appraisal done to ensure that the coin is in fact genuine.
Always keep your guard up when buying coins.
